Skip to content

How to Style/Title Account for Living Trust

Answered by: 

Question: 
I am setting up an account for a "Living Trust". Can I style it: "ABC Living Trust"(using grantor's SS# John Doe trustee or do I have to use grantor's name ss# then ABC Living Trust then John Doe Trustee?
Answer: 

The name of the trust is typically contained in the first few paragraphs of the trust agreement. Use that name in the account title. You don't need to use the name(s) of the trustee(s), with one exception -- If you are working with a legacy processing system that must use the first line of the account name in the year-end interest reports to the IRS (1099-INT) and the last name of the individual whose Social Security number is being used does not appear in the name of the trust, put that individual's name on the first line.

For example, if the trustee is John Doe and the trust is the "Doe Family Revocable Trust," you don't need to list John Doe in the title even if his Social Security number is used (by your legacy system), because his last name appears in the trust's name.

If you have a more current system that allows you to set up the name of the trustee whose Social Security number is used in a "1099 Name" field, put John Doe's name there, and you won't need it in the account title.

First published on BankersOnline.com 10/22/12

First published on 10/22/2012

Filed under: 
Filed under compliance as: 
Filed under security as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics